Chinese financial information company Xinhua Finance (XFML.NASDAQ, 9399.TYO) faces a de-listing in the Tokyo Stock Exchange (TSE) if it does not submit its first-quarter financial documents by June 17, the Financial Times reported. On Wednesday Xinhua Finance notified the TSE that it was unlikely to meet its original May 17 filing deadline, which led to a sell-off in its shares and an 18.3% fall. Under Japan’s rules, a listed company receives a one-month extension if it notifies authorities in advance that it will miss its submission deadline. The company will be de-listed if it fails to meet the extension deadline. The company said the hold up is due to delays in the filing of results for one of its affiliates, Xinhua Sports & Entertainment. Xinhua Finance said it expects to file its own financial documents by June 11.
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